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โ ๏ธ The US Treasury has adopted tax rules for cryptocurrencies
Starting January 1, 2025, all custodial platforms (such as Coinbase, Kraken, etc.) must collect and report client transaction data to tax authorities, similar to current practices for brokerage firms.
Similar rules are planned for DEX and DeFi, but implementation details are uncertain, so they have been postponed for now ๐
โ๏ธIn 2025, reporting and payment of taxes on cryptocurrencies remain the responsibility of exchange clients. However, starting in 2026, the tax authorities will begin issuing tax bills based on received data.
๐ตTaxation applies to anyone who cashes out stablecoins totaling $10k or more, or sells NFTs for at least $600.
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